How to buy Bitcoin safely in the UK
Most people buy their first bitcoin on an exchange or a broker app. We do not recommend any one firm and we earn nothing from any of them. Instead, here is how to check a platform for yourself.
Check the firm
- Search for it on the FCA Register. Firms offering crypto in the UK must be registered with the FCA for anti money laundering rules.
- Look up the exact web address on the register. Clone sites copy real brands.
- UK firms must follow FCA promotion rules, including clear risk warnings and a 24 hour cooling off period for first time buyers (FCA). A site that skips these is a warning sign.
- Beware clone firms. Check the FCA Warning List through ScamSmart.
- Be clear that crypto is mostly unregulated. You are unlikely to get FSCS or Financial Ombudsman cover if things go wrong.
Set up safely
- Use a strong, unique password and a password manager.
- Turn on two factor login with an authenticator app rather than SMS where possible.
- Prefer platforms that let you withdraw bitcoin to your own wallet. Some apps only let you hold a price exposure.
Do a test withdrawal
Once you have bought, send a small amount to your own wallet first. When that arrives, you know the process works. Long-term savings are safer in your own hands, as covered in Hold your own keys.
More beginner basics are on the Start page.
Key takeaways
- Check any platform on the FCA Register before signing up.
- Use app based two factor login, not SMS where you can.
- Always send a small test withdrawal to your own wallet first.
Not financial advice. These lessons are general education only. Bitcoin prices can swing hard. Never put in more than you can afford to lose, and do your own research.